Friday just a setback from Thursdays powerful limit up day in corn, as we back off 7 3/4 to close out the week 656 3/4. Excluding all the weeks noise, corn closes 1/2 cent below Mondays close. Think about that and remember that the next time you feel like you are being herded. Wheat off 12 3/4 to 663 1/2. Beans slip 6 1/2 to 1530 1/2 as meal tries to take the lead in the products. Beans still want oil to lead. Rice up 6 1/2 to 1330 in another quiet day. Dow up 76 points, 34,513, and bonds gain 11 tics, 158.04.
Nothing shocking or bearish in Thursday export sales, with the 5.7mil corn new crop sales posted as expected and big corn shipments, again as expected. Corn brushes off the early week weakness and blows up 40 cents, limit up 664 1/2. No real synthetic overs though and that should catch your eye. Wheat along for the ride, 676 1/4, plus 27 3/4. and beans pop 33 1/2 to 1537. Another quiet day in rice as we chew up the rest of old crop, 1323 1/2, plus 4 1/2. I would like to bring to your attention that even in these violent moves, open interest did not really spike. Dow opening up a 400 point range and closes 157 higher, 34,437. bonds fade 24 tics to 157.25.
Corn was the feature to me again Wednesday, as we close July 4 1/4 higher, 624 1/2, but that was after a hard look down. Dec tested $5 before its 20 cent rally. Rice was quiet, 1319, off a penny. Wheat off 8 cents, 648 1/2, and beans lost 8 1/4 to 1503 1/2. We did test my low range support of 1490. Dow was in another quiet consolidation trade, 34,280, plus 9 points, and bonds slip 2 tics, 158.17.
Tuesday put on an ugly down day for corn with July briefly limit down and closing off 37 cents, 620 1/4. Dec was off 24. The rest of the markets weren't as bad, with wheat off 5 3/4, a dime off the lows, and beans off 11 to 1511 3/4. Rice seller was absent and we closed up a nickel, 1320. Dow had a nothing day, 34,271 off 81, and bonds gained 29 tics to 158.19. This bond creep up has me a little worried about an equities shoe dropping out of the sky. Not an alert, but a concern.
Monday trade early was weaker with a decent weekend of work completed, but we gained thru the day. Corn off 2 1/4 cents, 657 1/4, but near the top of the range. Somewhat the same story in beans, 1522 3/4, off 3 1/2. Rice bear at it again, but seemed to disappear late and there may be a shift worth watching there. 1315. minus 3 1/2. Wheat off a dozen, 662 1/4. Dow has a quiet 199 point gain, 34,352. Bonds up 14 tics as well, 157.22.
Friday trade softer as we approached an expected good weekend for getting the crop in the ground. Corn off a nickel. 659 1/2, and wheat slipped a penny, 674 1/4. Beans settled middle of the range, 1526 1/4, down 7. Rice bear still pushing, 1318 1/2, off 9 1/2. Dow in a pretty tight up churn, 34,153, plus 125, while the bonds gain 8 tics, 157.08.
Good exports to start the day Thursday and more china corn buying on tap. Corn closed mid range at 664 1/2, plus 6 1/2 and new crop up 13. Wheat a drag on the market as the crop tour is showing some record type results assuming we don't get too wet as the crop finishes, and we are talking about Kansas, not Arkansas. CBOT wheat off 4 cents, 675 1/4. Rice bear continues the push, although a bit slow to the dance, 1328, off 8 1/2. For a rice bull, this is death by a 1000 cuts, and it is by design. Beans settled off a nickel, 1533 1/4, a dime off the lows but 20 off the high. Options vol is getting sucked out, as it normally does in a break. Dow had a 600 point range and closed up 197 points, 34,028. Bonds rallied 30 tics to 157 even, near the high side of what I would expect if the Dow doesn't roll over.
Hard down day Wednesday in the beans, 1538 1/4, off 36 with some pretty clear fund long liquidation. Meal weak as well but getting back near where demand should show up. Wheat off 18 3/4 to 679 1/4, and early crop reports are favorable. Corn bounced 20 cents from the lows to close unchanged, 658 1/4. More China sales on the books for new crop. Rice had an early push down again but recovered to 1336 1/2, plus 1 1/2 and maybe the bear has moved the market near where he wants. Dow off 165 points, 33,831, but that's 400 off the lows. Bonds off 20 tics, 156.02.
Tuesday trade came out strong but faded. Corn held up the best, 658 1/4, up 5 3/4.. Wheat closed 698, off 1 3/4 and 20 off the highs. Beans had an even worse day after looking strong early, 1574 1/4, minus 13 1/4. Meal still sickly. Rice off another 10 1/2 as the seller again as his thumb on futures and the longs just give up, on cue. 1335. Still not enough volume to make me want to play. Dow off 260 in a downward churn, 33,996, while bonds nap again, 156.22, down 3 tics.
Liquidation trade Monday as people just slowly shuffle to the sidelines. Corn picks up 8 3/4 to 652 1/2, while beans get back only 1 1/4 cent, 1587 1/2. Wheat off 7 1/2 to 699 3/4 and Sept added so OI, so the shortest of bear systems might be trying to push that down. Oats soft and rice off 15 cents, 1345 1/2. Rice seller is broadcasting that he intends to force the old crop fund long out to me. Financials took the day off, bonds off a tic, 156.25, and Dow off 62 points, 34,256.